AMC Networks CEO quits 3 months after taking over

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AMC Networks CEO quits 3 months after taking over

AMC Networks said its chief executive had stepped down more than three months after taking over the role, and that it would cut 20 per cent of its US workforce as it faces industry pressures and a challenging economy.

Shares of the cable TV network, home to hit shows such as Mad Men and The Walking Dead, fell by 4.4 per cent on Tuesday.

Christina Spade, who served as CEO since September, will receive severance benefits on a termination without a 'cause' or resignation for 'good reason' basis, according to the terms of her employment agreement.

AMC Networks didn't want to comment further on the departure. The board was in the process of finding a successor.

We thank Christina for her contributions to the company in her CEO role and her earlier CFO role, and we wish her well in her future endeavors, Chairman James Dolan said in a brief statement.

AMC Networks laid off employees at a time when several companies like Amazon.com Inc and Facebook-owned Meta Platforms Inc are cutting their employees in order to deal with a potential downturn in the economy.

AMC Networks had 1,739 full-time and 287 part-time employees as of December 31, according to a regulatory filing.

The company's shares have fallen 40 per cent since the beginning of the year, due to the gloomy advertising market and the gloomy cord cutting.

The streaming unit has emerged as a bright spot. Revenue in the division went up 41 per cent in the last quarter, even as the company's revenue slumped 16 per cent.

Spade was appointed CFO in 2021 after serving as the finance chief of ViacomCBS, now Paramount Global.

In September she took over the helm from Matt Blank, who had held it on an interim basis after long-time Chief Executive Officer Josh Sapan stepped down in August last year.